Wells Fargo

Wells Fargo & Company is a large U.S. bank with 6000 branches. It was founded in 1929 and is headquartered in San Francisco, California. It operates in Community Banking, Wholesale Banking, and Wells Fargo Financial. The Wholesale Banking segment provides commercial, corporate, and real estate banking services. The Wells Fargo Financial segment handles consumer finance and auto finance and also provides credit card services.

Coal investments
Wells Fargo is a major financier of new coal plant construction. New coal-fired power plants being funded by the company include:


 * Springerville Generating Station Unit 3 (AZ)
 * Springerville Generating Station Unit 4 (AZ)
 * Comanche Generating Station Unit 3 (CO)
 * Indian River (DE)
 * Council Bluffs Energy Center Unit 4 (IA)
 * Sutherland Generating Station Unit 4 (IA)
 * Prairie State Energy Campus (IL)
 * Thoroughbred Generating Station (KY)
 * Smith Station (KY)
 * Little Gypsy Repowering (LA)
 * Mustang Energy Project (NM)
 * Hunter 4 (UT)
 * Intermountain Power Project Unit 3 (UT)
 * Nelson Dewey Generating Facility (WI)
 * Jim Bridger Unit 5 (WY)
 * Wygen Unit 3 (WY)

April 2011: Rising Tide North America stages bank protest in Portland, Oregon
On Sunday, April 2, 2011, activists affiliated with Portland's Rising Tide chapter targeted major banks in the Portland metro areas as a call to them to divest from the fossil fuel infrastructure, including coal. The banks included Wells Fargo and Bank of America for this investments in practices such as mountaintop removal. Some participants staged a "die-in" on sidewalks while others used mud to stick "dirty money" to bank walls and windows, letting customers know the banks were "closed for climate crimes". No arrests were reported.

May 2011: Protests target banks in Portland, Oregon
On Friday, May 9th, 2011 two bank branches in downtown Portland, Oregon, one belonging to Bank of America and the other to Wells Fargo, were targeted by approximately 30 activists who showed up to protest the banks’ investments in coal projects. Both banks are major lenders to Arch Coal, the second biggest coal company in the United States. Arch Coal was targeted because, along with Ambre Energy, it is responsible for the proposed Millennium Bulk Logistics Longview Terminal near Longview, Washington. Arch Coal also owns the Otter Creek coal mine in Montana, which the company hopes to use as a source of coal to be exported.

Protesters assembled by Portland's Reed College entered the banks as mock coal export trains, which they believed will expose Northwest residents to coal dust, diesel fumes and noise pollution if the coal export facility near Longview becomes operational. A multi-car human ”coal train” entered the banks and marched around the bank's lobby, temporarily disrupting business inside. Climate activists chanted “Hey hey, B of A: Stop investing in coal today!” And later, “Hey hey, Wells Fargo: You say coal, we say no!”

Financial crisis and bailout
Wells Fargo agreed to purchase Wachovia on October 3, 2008, for $15.1 billion .The deal was completed in the last hours of the year.

Bailout amounts
Summary: Committed: $25,000,000,000 Returned: $0 Revenue to Gov't: $684,027,777

Campaign contributions
1st Quarter 2010 Campaign Contributions to federal candidates: $137,500 - 48% to Democrats, 52% to Republicans

Wells Fargo gave $649,750 to federal candidates in the 2006 election through its political action committee - 38% to Democrats and 61% to Republicans.

Lobbying
2009 Lobbying Expenditures: $2,880,000

The company spent $1,765,000 for lobbying in 2006. $600,000 went to the two lobbying firms Kilpatrick Stockton and Doremus, Theodore A Jr with the remainder being spent using in-house lobbyists.

Key officers and personnel
Key executives and 2006 pay:
 * John Stumpf, Chief Executive officer and President, $11,755,472 (also exercised $4,679,426 in options)
 * Howard I. Atkins, Chief Financial Officer and Senior Executive Vice President, $5,289,283
 * Mark C. Oman, Senior Executive Vice President, $6,350,997 (also exercised $5,464,164 in options)
 * David A. Hoyt, Senior Executive Vice President and Head of Wholesale Banking, $6,485,187 (also exercised $2,616,438 in options)
 * Carrie L. Tolstedt, Senior Executive Vice President and Head of Community Banking, $4,654,973 (also exercised $1,784,790 in options)

Selected board members:
 * Richard M. Kovacevich, Chairman, Wells Fargo & Company, $29.8 million (also exercised $6,592,621 in options)
 * Stephen W. Sanger, Chairman, CEO, General Mills, Inc.
 * Michael W. Wright, Retired Chairman, CEO, SUPERVALU INC.

Profits, bonuses and market value
According to a report by the Attorney General of New York State Wells Fargo paid $977.5 million in bonuses to executives and employees while losing $42.933 billion (includes losses from Wachovia, which it acquired in late 2008) after being a recipient of TARP bailout funds of $25 billion.

Breakdown of Wells Fargo 2008 bonuses from the Attorney General's report ;
 * Top four recipients received a combined $17.29 million.
 * The next four received: $12.63 million.
 * The next six received: $16.14 million.
 * Number that received a bonus of more than $5 million: 1
 * Number that received more than $3 million: 7
 * Number that received more than $2 million: 22
 * Number that received at least $1 million: 62

Contact details
420 Montgomery Street San Francisco, CA 94163 Phone: 866-878-5865 Fax: 6626-312-3015 Web: http://www.wellsfargo.com

External Resources

 * Big Bank Profile: Wells Fargo Service Employees International Union, accessed October 2009.

Related SourceWatch articles

 * Bank
 * Wells Fargo Bank Northwest NA
 * Millennium Bulk Logistics Longview Terminal